Secured loans are typically used for large purchases or to borrow significant sums of money. They can offer lower interest rates than unsecured loans, as the lender has the added security of the collateral. However, they also carry more risk for the borrower, as they may lose their collateral if they are unable to make the required loan payments.

Here are some examples of secured loans that are available in the UK:

• Mortgage: A mortgage is a type of secured loan used to purchase a property. The property serves as collateral for the loan.
• Home equity loan: A home equity loan is a type of secured loan in which the borrower uses the equity in their home as collateral.
• Car loan: A car loan is a type of secured loan used to purchase a vehicle. The vehicle serves as collateral for the loan.
• Personal loan: A personal loan is a type of secured loan that can be used for a variety of purposes, such as home improvements or debt consolidation. The borrower may be required to put up collateral, such as a car or property, as security for the loan.